BA profits soar to £335m

British Airways today said it had made progress towards becoming a "more robust airline" after unveiling half-year profits of £335m (€479.6m).

The figure for the six months to September 30 compared with £60m (€85.9m) a year earlier and included profits of £220m (€314.9m) over the final three months.

Cost-cutting measures and an improvement in passenger numbers helped the performance, although fuel costs were 12% higher than last year.

Chief executive Rod Eddington said the company's net debt figure of £3.3bn (€4.7bn) was now the lowest it has been since 1993.

He added: "We are making steady progress in building a more robust airline. Rising fuel costs, however, are expected to continue and remain a challenge along with employee costs."

Turnover lifted 2.2% in the second quarter to £2.03bn (€2.9bn), although more expensive fuel meant operating expenditure was in line with last year.

BA also said employee costs rose by 7.7% as wage awards and increased pension contributions more than offset savings from job cuts.

BA has reduced headcount by more than 13,000 as part of a Future Size and Shape strategy unveiled by Mr Eddington in the wake of September 11.